Funshine Express has a lot of fun ideas to do with parachutes in their monthly curriculum kits. I don't have a parachute- but Funshine Express suggested modifying with a sheet/blanket. PERFECT!
I mean, eventually... I do want to get all my preschool supplies. Parachutes are durable and have a different dynamic than sheets or blankets... but I am gradually building up my preschool supplies. I am holding preschool on a budget. I really appreciate the activities suggested are easily modified.
For this activity- they suggested using leaves outside.
We live in a new housing complex and all our trees are just babies with few leaves... so I modified this game by placing soft balls on the blanket. (Playing in leaves is pretty awesome. My modification doesn't come close to the fun you can have, taking turns racking leaves onto a blanket/parachute and then tossing them in the air. Those are some fond childhood memories of my own. So if you have the mature trees... go outside and do the real thing!)
But this is as close as I could get. The kids had a blast.